Participated · Series B · May 2022

ZenLedger builds crypto tax-preparation software that ingests transactions from on-chain and off-chain sources—including NFTs, decentralized exchanges and DeFi protocols—cleans and reconciles them, and outputs accounting and tax reports. The product supports more than 500 exchanges, 50 blockchains and 40 DeFi protocols, and is used by individual filers as well as Big Four accounting firms, ultra-high-net-worth tax practices and CPA firms. The company says its revenue has grown 5x year-over-year and it holds four U.S. government contracts worth just over $500,000. ZenLedger says it is doubling down on government contracting and plans to keep building integrations to expand exchange, chain and protocol support. The company announced multiple C-suite hires in April, including a new CTO and CFO, and named Greg Adams as COO after firing its former COO for misrepresenting credentials. ZenLedger provides a cryptocurrency portfolio management and tax software platform that enables investors and traders to view portfolio performance and track tax savings in a continuously updated dashboard. The platform offers a digital workflow for investors and accountants to simplify, optimize, and automate tax and accounting processes to help adhere to IRS and SEC regulations. It integrates with more than 400 exchanges, 40+ blockchains, 20+ DeFi protocols and all wallets. ZenLedger raised $6M in a Series A and has raised $11.5M total to date. The company plans to use the new capital to release its cryptocurrency portfolio management solution, hire across marketing, enterprise sales, customer service, and software engineering, and further advance product and customer experience. Founded in 2017 by CEO Pat Larsen and CTO Bryan Starbuck and based in Seattle, WA, the company targets investors, traders, and accountants managing crypto tax and compliance. ZenLedger provides tax, financial analysis, and blockchain analytics tools that import transactions from hundreds of exchanges, wallets, and blockchains to generate profit & loss statements, tax loss harvesting analysis, Schedule D, Form 8949, FinCEN 114/FBAR, FATCA outputs, and full audit packages. The platform has helped thousands of cryptocurrency investors and accountants and has processed more than $1B of crypto transactions. Customers report saving dozens of hours and thousands of dollars using the software. ZenLedger says it has grown revenue and customers by over 500% year over year and operates with a 15-person team in Seattle. Management plans to continue improving its tax, financial analysis, and blockchain analysis products and to hire additional developers, marketers, and customer success specialists. ZenLedger is a Seattle-based provider of tax software for cryptocurrency investors and their accountants. Its platform lets users import transactions, calculate gains and income, prepare tax returns, manage portfolios, and generate profit-and-loss statements. The product is designed to help cryptocurrency investors and their accountants file taxes and avoid IRS audits. Led by CEO Pat Larsen and CTO Bryan Starbuck, the company raised $1.5M in venture funding to support growth. ZenLedger plans to use the funds to accelerate product development and expand marketing to CPAs and individual investors.

Led · Series C · May 2021

Blind is an app of verified, pseudonymous employees who discuss employers, layoffs, promotions, policies and career advice. The product blends elements of LinkedIn, Reddit and Slack and has attracted 5 million verified users. Post-COVID usage has flattened throughout the day with a new peak at 2 p.m.; users log in about 30 times per month across 13–15 days. Blind is developing B2B tools such as pulse surveys to give HR teams aggregate, anonymous insights while protecting user identities. It is also building "Talent by Blind," a recruiting platform that captures hiring intent and is already being trialed by a couple of companies. Revenue approaches remain experimental as the company focuses on maintaining user trust while monetizing via employer insights and recruiting services. Blind is a two-year-old app founded in South Korea that provides anonymous, company-specific chat rooms and cross-company "lounges" where employees can discuss work and industry topics. The service verifies users via employer email domains or LinkedIn/Facebook, encrypts emails, and erases other data after verification to protect privacy. Blind reports employees from nearly 800 companies are actively using the platform, including Microsoft and Amazon; 40% of users return daily, 80% return monthly, and average usage is about 20 minutes per day. The product enforces moderation: flagged content can be removed and users flagged seven times within a period are phased out. The company positions itself as a professional, workplace-focused anonymous network and distinguishes itself from consumer anonymity apps. Management says it is prioritizing penetration and user growth now and is considering future monetization directions such as recruiting or Glassdoor-like features.